Personal Finance Final Quiz

Question 1

Joseph and Isabella save for vacation. What is this an example of?

Accepted Answer

Financial goal

Question 2

Which is NOT a use of a debit card?

Accepted Answer

Borrowing money to buy

Question 3

Money Rylee earns from working is called:

Accepted Answer

Income

Question 4

Which life insurance type covers a set period of time?

Accepted Answer

Term life

Question 5

How does Peyton calculate discretionary income?

Accepted Answer

Income – all expenses

Question 6

Which of these is a record of your credit history?

Accepted Answer

Credit report

Question 7

What helps Joseph and Chelsea create a budget?

Accepted Answer

Goals

Question 8

When should Maia and Spence update their budget?

Accepted Answer

All of the above

Question 9

Which is NOT a type of property insurance?

Accepted Answer

Health insurance

Question 10

What is a credit score?

Accepted Answer

Numerical creditworthiness rating

Question 11

What is gross pay?

Accepted Answer

The total amount of earnings

Question 12

Emelia paid $16.50 for a haircut. That’s a(n):

Accepted Answer

Expense

Question 13

What is Social Security?

Accepted Answer

Government disability/retirement income

Question 14

Health insurance and vacation days are examples of:

Accepted Answer

Employee benefit

Question 15

First step in making a budget is to:

Accepted Answer

Choose budget time frame

Question 16

What is financial literacy?

Accepted Answer

Understanding basic money topics

Question 17

Joseph chooses homework over video games. Homework is his:

Accepted Answer

Priority

Question 18

Roxxy’s weekly $15 music lessons are a:

Accepted Answer

Fixed expense

Question 19

Which account pays the lowest interest?

Accepted Answer

Regular savings account

Question 20

A record of deposits, checks, and payments is a:

Accepted Answer

Check register

Question 21

Which is a voluntary paycheck deduction?

Accepted Answer

Insurance premiums

Question 22

Net worth = _____ minus _____

Accepted Answer

Assets, liabilities

Question 23

Which of the following is a mandatory deduction?

Accepted Answer

State income tax

Question 24

Most employers pay overtime after how many hours?

Accepted Answer

40

Question 25

Income taxes collected by the US government are:

Accepted Answer

Federal income taxes

Question 26

Who is the payee of a check?

Accepted Answer

The one it's written to

Question 27

A donation of money or gifts is called a:

Accepted Answer

Charitable contribution

Question 28

Withdrawing early from this account may cause a penalty:

Accepted Answer

Certificate of deposit

Question 29

Aiden spent different amounts for lunch each day. These are:

Accepted Answer

Variable expenses

Question 30

What type of account helps Julius save for retirement?

Accepted Answer

Retirement account

Question 31

What helps Jaxon track income and expenses?

Accepted Answer

Budget

Question 32

Grayson wants a video game but doesn’t need it. This is a:

Accepted Answer

Want

Question 33

The amount Aiden receives after deductions is:

Accepted Answer

Net pay

Question 34

Jacob writes a _____ to pay Chelsea.

Accepted Answer

Check

Question 35

Who earns the most with compound interest?

Accepted Answer

TY (daily)

Question 36

An asset that can be easily converted to cash is:

Accepted Answer

Liquid

Question 37

A check written for more than account balance is a(n):

Accepted Answer

Overdraft

Question 38

Which of the following is a 'need'?

Accepted Answer

Shelter

Question 39

Which degree typically takes 4 years to complete?

Accepted Answer

Bachelor degree

Question 40

Maia wants to buy a guitar in six months. This is a:

Accepted Answer

Short-term goal

Question 41

Emelia and Evan want to achieve financial goals. What helps?

Accepted Answer

Financial plan

Question 42

What does “pay yourself first” mean?

Accepted Answer

Set aside money to save

Question 43

Kalashia and Mason ask: What is wealth?

Accepted Answer

Money + goods supply

Question 44

The amount you pay before insurance kicks in is the:

Accepted Answer

Deductible

Question 45

The original amount deposited is called the:

Accepted Answer

Principal

Question 46

What helps Joseph know how long to double savings?

Accepted Answer

Rule of 72

Question 47

Which is a long-term financial goal for Emelia?

Accepted Answer

Save $4,000 for college in 2 years

Question 48

Which account requires you to leave money for set time?

Accepted Answer

Certificate of deposit

Question 49

Which account needs a high balance and allows checks?

Accepted Answer

Money market account

Personal Finance Final Quiz

Questions 49

Personal Finance Final Quiz

Questions 49